Time to Talk about Long Term Care

The 85 years and older segment of the population is growing rapidly, and even for those who have planned for retirement, their financial assets will not last their lifetime. Added to that, many predict that government programs will not be able to meet the needs of this growing population with limited or no financial assets.

Family members of older adults often become a caregiver at a time of crisis without adequate time to plan. Families plan birthday and anniversary celebrations; they set aside time to celebrate births, holidays, graduations and many other milestones.

Too few families sit down to discuss long term care for themselves or an older loved one, and when decisions must be made, they simply are not informed. The first step is for families to communicate and plan for later life.

It may be difficult because the issues of declining health and death sometimes arouse fear and anxiety–a dread for what we wish would not happen, but know will eventually become part of the family experience.

Families need to know the preferences of the older adult in terms of care, what the older adult can contribute in terms of financial resources and what other resources might be available such as Veterans benefits and long term care insurance. Families need to investigate and become familiar with Medicare and Medicaid eligibility requirements and benefits long before they are needed.

With difficult economic times, some families are becoming more concerned about how they can pay for care for older adults. Plan now. Don’t wait until you’re faced with a crisis.